Most at Fed want rate hikes before asset sales
Reuters
Most Federal Reserve officials prefer to raise benchmark interest rates before selling assets when the time comes to tighten policy, minutes of their April meeting showed on Wednesday.
http://jlne.ws/jezn8d
ECB Stern With Greece
By GEOFFREY T. SMITH, WSJ.com
Top European Central Bank officials damned the idea of cutting Greece any more slack on its debt repayments Wednesday, repeating that Athens has to persevere with its rescue plan even though European governments are acknowledging that it may not be enough to turn the country around.
http://jlne.ws/iYTXMv
New Dodd-Frank Flash Point: 'Customary' Appraisal Fees
By Kate Berry/ American Banker/IDD
As home prices fall again and regulatory reforms take hold, long-simmering tensions between mortgage lenders and appraisers are flaring up anew.
http://jlne.ws/mFLlds
Morgan Stanley to stay with Smith Barney timeline
By Lauren Tara LaCapra, Reuters
Morgan Stanley (MS.N) Chief Executive James Gorman said the bank still plans to acquire Smith Barney under a previously announced timeline.
http://jlne.ws/kryk0H
FOMC Minutes: No Decision on Normalizing Policy
By Gary Siegel, the Bond Buyer
More discussion of normalizing policy was needed and no decisions were made at the Federal Open Market Committee meeting of April 26-27, according to minutes of the meeting, released Wednesday.
http://jlne.ws/jiqz90
SEC Proposes Rules to Increase Transparency and Improve Integrity of Credit Ratings
The Securities and Exchange Commission today voted unanimously to propose new rules and amendments intended to increase transparency and improve the quality of credit ratings.
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FRB: Minutes of the Federal Open Market Committee, April 26-27, 2011
The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on April 26-27, 2011. A summary of economic projections made by Federal Reserve Board members and Reserve Bank presidents for the April 26-27, 2011 meeting is also included as an addendum to these minutes.
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Fed’s Bullard Says Fed May Tighten in 2011 by Cutting Assets
By Steve Matthews and Michael McKee, Bloomberg Businessweek
Federal Reserve Bank of St. Louis President James Bullard said the central bank may tighten policy this year by allowing its balance sheet to decline even with inflation showing signs of slowing in recent weeks.
http://jlne.ws/juRSnF
56-Day Cash Management Bills Draw 0.020% High Rate
By Gary Siegel, The Bond Buyer
The Treasury Department Wednesday sold $5 billion 56-day cash management bills, dated May 19, due July 14, at a 0.029% high tender rate.
http://jlne.ws/mgP7MH
Lehman gets green light on $144 mln NY settlement
By Nick Brown, Reuters
Lehman Brothers Holdings Inc's (LEHMQ.PK) $144 million settlement with the state of New York over back taxes was approved by a bankruptcy judge on Wednesday.
http://jlne.ws/j9vVQI
European bank stress tests – new details
The Financial Regulation Forum
The European Banking Authority (EBA) today published documents explaining the scenarios and methodology for its 2011 EU-wide stress test, which will be applied on a wide sample of European banks covering over 60% of total EU banking assets.
http://jlne.ws/l0nh3V
Bank Dividends Threatened by Overregulation
By Philip van Doorn, The Street
The Federal Reserve is expected to propose a new rule on annual stress tests for the largest U.S. banks, according to a Financial Times report, which is likely to be quite harmful to investors over the short term.
http://jlne.ws/jGBQ3N
IMF sounds alarm on Greece reforms
By George Georgiopoulos and Dina Kyriakidou, Reuters
The IMF warned Greece on Wednesday it must redouble reform efforts to avoid derailing its fiscal program, key to dealing with a huge debt mountain.
http://jlne.ws/kJU7De
Emirates Islamic Bank chief executive resigns
Reuters
The chief executive of Emirates Islamic Bank, an affiliate of Emirates NBD (ENBD.DU), has resigned and his deputy has been appointed acting CEO, the lender said on Wednesday.
http://jlne.ws/iXCA5L
Sterling bonds in vogue
By Julian Hofmann, Investors Chronicle
It seems counterintuitive that at a time of rising inflation - the general consensus is that we could hit 5 per cent consumer-price inflation before the summer is out - that the sterling corporate bond market is suddenly showing signs of life again after a quiet year in 2010 and for most of 2011. Investment-grade sterling bonds issuance has topped £10bn so far, well ahead of 2010's paltry £3bn and halfway towards the £21bn record set in 2009.
http://jlne.ws/mwafjn
Lawmakers warning on derivatives rules Derivs rules impose significant competitive disadvantages on US banks
By Tom Braithwaite, FT.com
New York lawmakers led by Charles Schumer are warning the Federal Reserve and other regulators that they risk flouting the US Congress with new derivatives rules that impose “significant competitive disadvantages” on US banks. In a letter to Ben Bernanke, Fed chairman, and other regulatory heads, the members of Congress say that US banks will be unfairly hurt if their foreign subsidiaries are forced to demand collateral from non-US customers.
http://jlne.ws/iNbEm5
The Case for Bringing Back BABs
U.S. Treasury Notes: By: John Bellows
At a time of mounting deficits and a need to cut costs from the state to the federal level, there’s a strong case to be made for bringing back the Build America Bonds (BABs) program. Created as part of the Recovery Act, BABs are taxable bonds for which the U.S. Treasury Department paid a 35 percent direct subsidy to the issuer to offset borrowing costs.
http://jlne.ws/jNdv1O
Debt fund plumps for high yield
Ayesha Javed, Financial News
Babson Capital Europe, the European debt fund manager which spun out of Duke Street Capital, is positioning itself to take advantage of the booming high yield market in Europe as it prepares to launch its first high yield fund in the next month.
http://jlne.ws/kkOfwM
MEXDER LAUNCHES NEW FUTURES CONTRACTS ON THE 5 AND 30 YEAR BOND (M5 AND M30)
Press Release
Mexico City – May 17, 2011 – Two new futures contracts were listed on the Mexican Derivatives Exchange (MexDer), the derivatives subsidiary of the Mexican Exchange (Bolsa Mexicana BMV), whose underlying assets are the 5 and 30 year Federal Government Development Bond (M5 and M30). BMV is the second largest exchange in Latin America and home to some of the world’s leading financial companies.
http://jlne.ws/ifSunB
BGC Partners Completes First Fully Electronic Euro Interest Rate Options Transaction on BGC Trader
Business Wire
LONDON--(BUSINESS WIRE)--BGC Partners, Inc. (NASDAQ: BGCP), ("BGC Partners" or "BGC"), a leading global brokerage company servicing the wholesale financial markets, announces its first fully electronic Euro Sterling Interest Rate Option (IRO) trade using BGC's award-winning Volume Match tool on the BGC Trader platform. Volume Match is integrated into BGC's proprietary platform, BGC Trader and ...
http://jlne.ws/kVFsaK
Geithner Suggests That Strauss-Kahn Step Aside
By LIZ ALDERMAN, NY Times
As Dominique Strauss-Kahn was left to spend another day behind bars in New York, a pack of would-be successors wasted little time Tuesday maneuvering for his job as managing director of the International Monetary Fund, one of the most powerful positions in global finance, and U.S. officials openly suggested that he step down.
http://jlne.ws/kIj18t
OTC Derivatives Cash at Risk Dropped to $21 Trillion, BIS Says
By Matthew Leising, Bloomberg
The amount of cash at risk in the global over-the-counter derivatives market dropped at the end of 2010 as the value of interest-rate swaps declined. Overall trading totals rose 3 percent.
http://jlne.ws/mIWbj6
Greece Has Ways to Fix Debt Woes, but All Lead to Misery
By STEVEN M. DAVIDOFF, NY Times
What should be done with Greece? The country that gave birth to Western civilization appears increasingly likely to be the first euro sovereign to restructure its debt. It all has the potential to be a mess.
http://jlne.ws/mbBnZK
Deutsche Bank CEO touted to head IMF - paper
Reuters via Yahoo! India News
Deutsche Bank Chief Executive Josef Ackermann is being touted in Berlin as a potential successor to Dominique Strauss-Kahn as head of the International Monetary Fund (IMF), German daily Bild said on Tuesday.
http://jlne.ws/m7Q35E
UBS hires 15 advisers with $1.5 billion in assets
Reuters via Yahoo! Canada News
UBS Wealth Management Americas recently hired 15 financial advisers overseeing $1.5 billion in client assets and generating more than $14 million in annual fees and commissions, according to a source familiar with the business.
http://jlne.ws/jNc4lF
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